topic Where to input capital contribution of the S-corp into and as a member's LLC capital account ? in Business & farm

Where to input capital contribution of the S-corp into and as a member's LLC capital account ?

romanov33 — Wed, 10 Mar 2021 03:05:47 GMT

I personally own 100% shares of S-corp.

S-corp is a member of LLC and owe 98% of shares.

I loaned money to the S-corp and input in TurboTax as a "owner loan"

Those money S-Corp reinvested into LLC s-corp's member capital account.

Where do I input it on Scorp accounting, because right now I have a loan as a "net income" and investment from S-corp into LLC as a "total expense", "capital stock"?

Re: Where to input capital contribution of the S-corp into and as a member's LLC capital account ?

M-MTax — Wed, 10 Mar 2021 03:38:56 GMT

Are you doing the balance sheet and is it for the LLC or the S corp? For the S corp it's a loan from shareholders....the money you lent to it.....and the funds invested in the LLC is under "other investments" for the S corp.

Re: Where to input capital contribution of the S-corp into and as a member's LLC capital account ?

romanov33 — Wed, 10 Mar 2021 15:03:57 GMT

So, for the S-corp it is loan, and for LLC it is "other investments" as a assets?

Also, if LLC paid back some profits to S-corp, it is distribution for LLC but what would be that payment for S-corp?

Thank you very much!

Re: Where to input capital contribution of the S-corp into and as a member's LLC capital account ?

M-MTax — Wed, 10 Mar 2021 20:02:47 GMT

Yes to the first one and if the S corp is an LLC member then it would share in profits if you have it set up that way.....then the S corp would get a K-1 from the LLC for its share.